Tata Group Seeks to Settle Tax Disputes With Government, ET Says
Tata Group is among five companies looking to settle disputes with the Indian government after the nation abolished retro tax.
(Bloomberg) -- Tata Group is among five companies looking to settle disputes with the Indian government after the nation abolished a rule on retrospective taxation earlier this month, the Economic Times reported.
Sanofi Aventis, Mitsui & Co., WNS, Genpact are also seeking to settle lawsuits or arbitration proceedings against the government, the newspaper said on Saturday, citing industry sources it didn’t identify. About 17 companies have ongoing legal disputes with the government and six are ready to settle lawsuits, the report said.
The firms are meeting legal and tax advisors to resolve the disputes, according to the report.
India is in talks with Vodafone Group Plc and Cairn Energy Plc to settle tax disputes, Revenue Secretary Tarun Bajaj said earlier this week. The retrospective tax rule, which was introduced in 2012, gave officials the power to go after merger and acquisition deals dating back to 1962 if the underlying asset was in India.
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